Global crude oil prices fall on relentless rise in US crude output


ING's Patterson agrees that keeping a lid on price hikes is necessary; in an interview in Singapore he said, "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers". The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

The rising concern of another supply disaster this week can lead to bigger problems such as another oil supply glut might hit the market.

Energy services firm Baker Hughes said on Friday that energy companies last week cut oil rigs for the first time in nearly two months.

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The crude outputs are looking to take another miserable turn as the United States daily reports may climb to levels similar to what they were producing past year.

"Oil prices moved lower. after the EIA published a report that crude production from seven major USA shale plays is expected to see a climb", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

Despite the lower rig count, which is an early indicator of future output, activity remains much higher than a year ago when, when just 617 rigs were active, and most analysts expect U.S. crude oil production, which has already risen by over a fifth since mid-2016, to 10.37 million barrels per day (bpd), to rise further. The country managed to overtake the production of the top exporter in the world, Saudi Arabia. Total American output has passed 10 million barrels a day, beating a record set in 1970. It has already surpassed top exporter Saudi Arabia, and by 2019 is expected to surpass top producer Russian Federation, which pumps out almost 11 million bpd.

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Brent sweet crude traded at $65.70 per barrel on Monday, an increase of 21 cents or 0.3 percent from its previous close. Both the Brent and WTI saw a massive decline as they enter the market this week with a solid 1% decline.

On Sunday, Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current production curbs in 2019, the Wall Street Journal reported.

Demand from Asia, particularly China, will continue to support prices.

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